Friday, November 2, 2012

Jobs up 171,000, Unemployment 7.9% in October

This from the Bureau of Labor Statistics’ jobs report for October.  There was very little change from September.

·         Total nonfarm payroll employment increased by 171,000

·         Unemployment rate was essentially unchanged at 7.9 percent

·         Employment rose in professional and business services, health care, and retail trade. 

·         Hurricane Sandy had no discernible effect on the employment and unemployment .

·         Both the unemployment rate (7.9 percent) and the number of unemployed persons (12.3       million) were essentially unchanged in October, following declines in September

·        There was little or no change in the rates for adult men (7.3 percent), adult women (7.2        percent), teenagers (23.7 percent), whites (7.0 percent), and Hispanics (10.0 percent).   The jobless rate for Asians was 4.9 percent in October (not seasonally adjusted), down from 7.3 percent a year earlier.

·         The number of long-term unemployed (those jobless for 27 weeks or more) was little changed at 5.0 million. These individuals accounted for 40.6 percent of
·         the unemployed.

·         The civilian labor force rose by 578,000 to 155.6 million

·         The labor force participation rate edged up to 63.8 percent.

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